FTX AI Safety Funding Of $6.5 Million Is Under Investigation: Report
Key Points:
FTX, a now-bankrupt cryptocurrency firm, is asking the Center for AI Safety (CAIS) to provide information regarding the $6.5 million paid to CAIS between May and September 2022 for studying the risks of artificial intelligence (AI).
CEO John J Ray III is seeking an accounting of these transfers and permission to issue subpoenas to CAIS for related documents and information. Added to this, FTX’s advisers are investigating substantial payments made before the bankruptcy filing, including payments to celebrity endorsers, Bankman-Fried’s parents, and Stanford University.
For those unaware, CAIS is a nonprofit organization that focuses on AI safety and conducts research to address potential concerns and make AI safer. In May, CAIS released an open letter signed by over 350 executives and researchers, warning about potential existential risks posed by AI. Before its collapse, FTX was known for its support of effective altruism and philanthropic initiatives.
FTX is requesting subpoenas due to the organization’s refusal to provide an accounting voluntarily. It is common for bankrupt companies to seek documents and information related to payments made prior to the bankruptcy filing.
The requested subpoenas seek documents related to any assets or funds received by CAIS from FTX or its affiliates and any documents and communications related to FTX Philanthropy Inc., FTX Foundation, or FTX Future Fund.
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